Recently, the SEC sued Richard Heart, the founder of the altcoin named HEX, for allegedly selling unregistered securities and defrauding investors of over $100 million.
After this lawsuit, Uniswap, a decentralized exchange, took a step forward with HEX.
Accordingly, Uniswap has removed the HEX token from its interface and has stopped trading HEX cryptocurrencies.
Uniswap's HEX decision comes after the SEC claimed on Monday that HEX is unregistered securities and also mentioned Uniswap in the lawsuit.
The SEC claimed that HEX was an unregistered security and that its founder, Richard Heart, had high returns on HEX sales and defrauded investors.
Uniswap added HEX to the list of unsupported tokens in the platform's interface, adding a note that it blocks tokens that “infringe trademarks, proven fraudulent or otherwise based on legal considerations”.
Chinese crypto journalist Wu Blockchain also stated that Uniswap has removed the HEX token from the front-end.
“The HEX token created by Richart Heart, which was previously sued by the SEC for allegedly selling unregistered securities, is no longer eligible for trading on Uniswap and is suspected to have been officially removed from the front-end.”
In its lawsuit, the SEC also mentioned Uniswap while explaining why it chose the US District Court for the Eastern District of New York as the venue. The SEC said it chose the U.S. court because most of the proceedings described in the lawsuit took place at Uniswap, which has developers based in Brooklyn.
*Not investment advice.